Common use of ISM Code, ISPS Code etc Clause in Contracts

ISM Code, ISPS Code etc. Each Borrower shall comply and shall procure that a charter and/or manager comply with the ISM Code, ISPS Code, Marpol and any other international maritime safety regulation relevant to the operation and maintenance of the Drillships and provides copies of certificates evidencing such compliance to the Agent upon written request thereof. Inspections and class records Each Borrower shall permit, and shall procure that any charterers and/or managers permit, one person appointed by the Agent to inspect upon the Agent giving prior written notice each of the Drillships once a year, as long as such inspection does not interfere with the operation of the Drillships (unless there is an Event of Default which is continuing, in which case, the foregoing restriction shall not apply). Such inspection shall be for the account of the Borrowers. The Drillship Owners shall instruct the classification society to send to the Agent, following a written request from the Agent, copies of all class records held by the classification society in relation to the Drillships.

ISM Code, ISPS Code etc. Each The Borrower shall comply shall, and shall procure that a any charter and/or manager comply with the ISM Code, ISPS Code, Marpol and any other international maritime safety regulation relevant to the operation and maintenance of the Drillships Drilling Unit and provides copies of certificates evidencing such compliance to the Agent upon written request thereof. Inspections and class records Each Borrower The Obligors shall permit, and shall procure that any charterers and/or managers permit, one person appointed by the Agent to inspect inspect, upon the Agent giving prior written notice each of notice, the Drillships Drilling Unit once a year, as long as such inspection does not interfere with the operation of the Drillships Drilling Unit. The costs of such inspection shall be for the # 57 (57) Exhibit 10.5 - Part II EXECUTION VERSION account of the Lenders unless there is an Event of Default which has occurred and is continuing, in which case, the foregoing restriction shall not apply). Such inspection case it shall be for the account of the BorrowersBorrower. The Drillship Owners Borrower shall instruct the classification society to send to the Agent, following a written request from the Agent, copies of all class records held by the classification society in relation to the DrillshipsDrilling Unit.

ISM Code, ISPS Code etc. Each The Borrower shall comply shall, and shall procure that a any charter and/or manager comply with the ISM Code, ISPS Code, Marpol and any other international maritime safety regulation relevant to the operation and maintenance of the Drillships Drilling Unit and provides copies of certificates evidencing such compliance to the Agent upon written request thereof. Inspections and class records Each Borrower The Obligors shall permit, and shall procure that any charterers and/or managers permit, one person appointed by the Agent to inspect inspect, upon the Agent giving prior written notice each of notice, the Drillships Drilling Unit once a year, as long as such inspection does not interfere with the operation of the Drillships (unless there is an Event Drilling Unit. The costs of Default which is continuing, in which case, the foregoing restriction shall not apply). Such such inspection shall be for the account of the BorrowersLenders unless an Event of Default has occurred and is continuing, in which case it shall be for the account of the Borrower. The Drillship Owners Borrower shall instruct the classification society to send to the Agent, following a written request from the Agent, copies of all class records held by the classification society in relation to the DrillshipsDrilling Unit.